Jason Kyle signed by the Saints

[Saint J]

Apparently Houser may have led some other Saints players and rich folks into a bad biz. deal. We'll see as things come out.

[Mr. Scot]

Apparently Houser may have led some other Saints players and rich folks into a bad biz. deal. We'll see as things come out.

Found the story on PFT: Saints get scammed?

The Basics:

Several members of the New Orleans Saints, whose stock portfolios likely took a major hit last year, also have lost money as part of an investment in a potentially failing film studio.

Per Robert Scott of the New Orleans Times-Picayune, more than two dozen people with ties to the Saints invested close to $2 million in Louisiana Film Studios.

And they apparently won't be getting any of their money back.

The investors included coach Sean Payton, quarterback Drew Brees, and former Saints quarterback Archie Manning.

Apparently, the thinking was that the investment was a safe one, because the company was participating in a "routine tax credit program." The only problem? The company never received authorization for the credits.

"They weren't approved -- there was no reason to think they would not be," Manning told the Times-Picayune.

Manning also claims that the FBI is investigating the situation.

Florio's comments:

There's arguably a certain karma to the situation, however. The investors were trying to flip their investments into a reduction in their state income taxes. For example, Brees sank $100,000 into the endeavor, in the hopes of getting $133,000 in tax credits.

There's little or no risk -- as long as the company in which the money is invested qualifies for the credits.

And though it's all legitimate, it's yet another example of how the rich always (well, apparently not always) find ways to get richer.

The top losers were defensive end Charles Grant ($425,000), former punter Mitch Berger ($250,000), and Payton ($144,000).

But the first guy to bring the opportunity to the attention of the team was former long snapper Kevin Houser. In fact, Houser told Archie Manning's investment adviser about the situation, prompting Manning to plunk down $80,000. (Manning said that neither Peyton nor Eli were involved, likely because they pay no Louisiana state income taxes.)

And here's the kicker -- there's a rumor that Houser was recently cut not because of his skills, but in retaliation for his role in causing his head coach and teammates to lose so much money.

If that's the case, it'll be interesting to see whether Houser files a non-injury grievance as a result of his termination.

Then again, maybe it's good that he's gone. If the Saints hadn't cut Houser, he might have eventually filed an injury grievance -- after guys like Grant and Brees pounded the crap out of him.

Essentially a tax credit (or a tax dodge, depending on your perspective) that went wrong.

Hard to know what to think based on just these details alone. I'd have to know whether Houser made anything in the deal. If he got taken too, it's likely just a case of telling friends about what he thought was a good idea and having it turn out not to be so good.

[Mr. Scot]

More info in the article linked by PFT: More than two dozen with ties to Saints invested in movie deal

Houser's role:

The investment in the studio by current and former Saints members came to light this week after deep snapper Kevin Houser was released from the team and replaced by an older player, causing fans to wonder what was behind the move.

Houser invested $125,000 in the project, and many of his colleagues followed his example with varying amounts of money. Manning said his investment adviser was contacted by Houser about the studio deal. Records show Manning invested $80,000. He said his two quarterback sons -- Eli and Peyton -- were not involved.

Doesn't sound nefarious on his part, just poor judgment.

With that said, I have to wonder whether the Panthers would take a look at a player with a higher cap figure than the guys currently on roster and questions surrounding his character, even if it turns out to be just an innocent mistake.

Add in that they've already traded a draft pick (albeit a minor one) for J Jonah Jameson Jansen. And factor as well that John Fox and Sean Payton are friends, and Payton is one of the people that took a bath on this.

I'm with KK in that I'd probably feel safer with Houser than with Jansen, but there's a lot to indicate the Panthers won't look his way.

[Saint J]

I'm guessing that many in the locker room might want to kick his *** after leading them into a bad investment. But that's a guess.